US Adds 172,000 Jobs in May, Topping All Estimates | Balance of Power: Late Edition 6/5/2026
Speakers
Norah Mulinda
— Market Reporter, Bloomberg
Heather Boushey
— Former White House Council of Economic Advisers Member
Summary
The episode covers the market selloff after a stronger-than-expected May jobs report, which fueled rate hike expectations and a rotation out of tech. Guests discuss economic implications, including wage growth concerns and consumer strain, as well as political topics like Trump's AI equity stake idea and humanitarian crises.
- U.S. added 172,000 jobs in May, beating estimates and triggering a sharp market selloff.
- The Nasdaq 100 had its worst day since April 2025, with the AI trade unwinding.
- Bond yields spiked as traders priced in a potential Fed rate hike.
- Heather Boushey highlighted wage growth lagging inflation and consumer strain.
- Neil Bradley of the U.S. Chamber defended free enterprise against government ownership of AI companies.
- Political panel discussed congressional rebukes to President Trump on Iran and Ukraine policy.
- President Trump expressed openness to U.S. government equity stakes in leading AI developers.
- Carl Skau from the UN World Food Programme warned of rising acute hunger due to high oil prices and funding shortfalls.
